Q2 26 EPS
$0.59
MISS 22.82%
Est. $0.76
Q2 26 Revenue
$3.15B
MISS 5.06%
Est. $3.32B
Market Reaction
Did LVS Beat Earnings? Q2 2026 Results
Las Vegas Sands delivered a disappointing second quarter, missing Wall Street expectations on both the top and bottom lines as an unusual stretch of cold cards in Macao weighed heavily on results. The casino giant posted adjusted EPS of $0.59, fallin… Read more Las Vegas Sands delivered a disappointing second quarter, missing Wall Street expectations on both the top and bottom lines as an unusual stretch of cold cards in Macao weighed heavily on results. The casino giant posted adjusted EPS of $0.59, falling 22.82% short of the $0.76 consensus estimate, snapping a four-consecutive-quarter streak of beating EPS forecasts. Revenue came in at $3.15 billion, a 5.06% miss versus the $3.32 billion analysts had projected and a modest 0.7% decline from the year-ago period. The primary culprit was abnormally low rolling chip hold across the Macao portfolio; on a hold-adjusted basis, Macao net revenues would have been $147 million higher and adjusted property EBITDA $87 million higher, underscoring just how much variance in one metric can move the needle. Concerns about Macao's gaming recovery had already prompted analysts to trim price targets heading into the print. Looking ahead, management pointed to ongoing investment in Macao service offerings and Singapore's Marina Bay Sands expansion as key drivers of future volume growth, while a boosted $6 billion buyback authorization signals continued confidence in the long-term business.
Key Takeaways
- • Unusually low hold in rolling chip play in Macao negatively impacted reported financial results
- • Gaming volumes grew across all Macao segments year-over-year despite hold headwinds
- • Marina Bay Sands delivered strong hotel metrics with RevPAR of $939, up from $844 year-over-year
- • The Londoner Macao showed revenue growth driven by higher rolling chip and non-rolling chip volumes
- • Higher effective tax rate of 19.1% vs 14.8% in prior year quarter
LVS Forward Guidance & Outlook
Management expressed confidence that its people, products, and focus on delivering outstanding service, hospitality, and entertainment experiences will drive growth and deliver strong returns to shareholders in the years ahead. Ongoing investments in enhanced service and hospitality offerings in Macao are expected to continue contributing to volume growth across gaming segments. The MBS Expansion Project in Singapore remains underway with a delayed draw term loan facility of $4.68 billion available for financing construction.
LVS YoY Financials
Q2 2026 vs Q2 2025, source: SEC Filings
LVS Revenue by Segment
With YoY comparisons, source: SEC Filings
LVS Revenue by Geography
With YoY comparisons, source: SEC Filings
“We continued to execute our strategic objectives during the quarter in both Singapore and Macao while continuing to increase the return of capital to shareholders.”
— Patrick Dumont, Q2 2026 Earnings Press Release
LVS Earnings Trends
LVS vs Market 30 Day Price Reactions
30-day stock return vs benchmark after each earnings
LVS EPS Trend
Earnings per share: estimate vs actual
LVS Revenue Trend
Quarterly revenue: estimate vs actual
LVS Quarterly Results
5 quarters of earnings data
| Quarter | EPS Est. | EPS Act. | Surprise | Revenue | Rev. Surprise |
|---|---|---|---|---|---|
| Q2 26 MISS | $0.76 | $0.59 | -22.82% | $3.15B | -5.06% |
| Q4 25 BEAT FY | $0.77 | $0.85 | +10.53% | $3.65B | +9.22% |
| FY Full Year | $2.93 | $3.01 | +2.63% | $13.02B | +2.58% |
| Q3 25 BEAT | $0.62 | $0.78 | +26.38% | $3.33B | +9.04% |
| Q2 25 BEAT | $0.53 | $0.79 | +49.99% | $3.18B | +11.92% |
| Q1 25 BEAT | $0.57 | $0.59 | +3.78% | $2.86B | -0.96% |